The case is the latest example of how oil traders and shippers are struggling to adjust to the disruption wrought by the near-closure of the Strait of Hormuz, with executives and lawyers already predicting a slew of legal disputes.
A legal claim from one of the world’s largest oil traders is throwing a spotlight on an arcane but critical corner of global finance — the multibillion-dollar freight market and the 282-year-old City of London institution that sits at the heart of it.
Mercuria Energy Group is suing the Baltic Exchange, Bloomberg reported on Thursday, alleging that it has suffered losses in the hundreds of millions of dollars as a result of distortions in a key benchmark for the cost of shipping oil from the Middle East to China.
